Business owners thinking about selling their company have a great deal to consider. Owners that also own the property they operate their business out of have even more to consider. Deciding whether you will sell or keep your commercial property calls for careful planning and thorough documentation. It is possible to sell a business and the property simultaneously, but choosing to do this depends on what you hope to gain from the transaction.
The first step is to find a real estate agent who is trained to sell or lease a commercial property. Partnering with an experienced company in your location will help you come up with an accurate valuation as professionals take a closer look at property records, financial statements, comparative property analyses, and other details that apply solely to your real estate.
Selling your commercial real estate leaves room for you to explore different opportunities based on how much you get from the transaction. If your commercial real estate is in high demand, you could end up with a sum of money to use for relocation, branding, product development or expanding on what your business has to offer. Determine the goals you have for your business, as selling your property for a competitive price can help you avoid taking out a business loan for future endeavors.
There are multiple contributing factors that you need to be aware of before setting your personal expectations for the sale of your commercial property. The market value of your property will be dependent on the complexity of your local market, the size and age of the structure, among many more factors
The process for selling a business can be more complex than that of selling a commercial property. The reason for the sale can influence timelines and the level of buyer interest. For example, a profitable business may be more desirable to buyers than a company experiencing financial troubles. Every business is unique, and the sales process can last anywhere from months to years.
A business owner should present tangible and intangible assets included with the sale, tax return documents from the last three to five years and income projections to determine a reasonable valuation with financial advisors. How a business is performing in relation to similar-sized organizations within the same industry will also come into play.
When selling a business, a series of contractual agreements are put in place anytime an individual wants to transfer ownership from one person to another. It takes an experienced broker to organize the specific documentation necessary for your business.
A professional with relevant experience, a strong track record, and an understanding of your goals may be needed to sell a business successfully. Real estate agents specialize in the selling of commercial buildings, not companies. Working with a business broker to sell your company and a real estate agent for your property sets you up for a maximum return on investment.
It is best to plan ahead if both your business and property will sell at the same time. The location along with the condition of your property will influence how much a potential buyer is willing to spend. Therefore, take the time to hire a contractor for any repairs that will boost the value of your building. Business owners should speak to a real estate agent to understand what improvements should be made to their property.
If the buyer of your business does not want to own the building, you will need to investigate alternative buyers. Selling commercial property can save you from taking on the responsibilities of being a landlord. Under this circumstance, the new owner(s) of your business will pay rent to the new owner of your property. The two parties enter an agreement together while you stay out of the equation.
Business owners may want to sell their business but maintain ownership of the commercial building. This might be done to generate a source of income or allow the real estate to appreciate in value before selling later on.
Hire a professional leasing agent to outline a legal agreement you and the opposite party understand. Aspects of the lease must outline which party is responsible for certain expenses and repairs. The professional leasing company you work with can outline the length of the lease, the cost of monthly payments and other terms that allow you to sell the building at a later date if you desire.
Potential buyers can only make a purchase when they know a commercial property is available. There is no one-size-fits-all approach when selling real estate alongside a business, but having brokers on your side will streamline the following:
Cates Auction & Realty Company assists with selling commercial properties in Kansas City and the surrounding area. Using our propriety marketing platform to enable competitive online bidding, we are able to uncover qualified buyers for the properties we auction in as little as 30 days. Create a competitive bidding environment for your business or real estate by contacting us online for more information about our services.
Your parents’ needs will change as they enter retirement and settle into their golden years. As you help them get comfortable at this age, it’s important to evaluate their housing options. While some seniors prefer aging in place rather than downsizing, those staying in the family home may require additional accessibility features.
Ten residential features for older adults to make their existing property more comfortable include:
You want the world for your parents, and we can help you evaluate whether additional home features are the best option. Many times, a space built for downsizing seniors is more affordable and convenient.
At Cates Auction & Realty Company, we assist Kansas City Metro Area seniors with a simplified downsizing process. With a smaller home, your parents can create new a space to fill with memories.
Contact Cates Auction Real Estate Company today to learn more.
Your family home is a special space where you created loving memories, laughed and cried. It’s a place where you had many happy firsts and sad lasts. You know every scuff mark and creaking floorboard, what aromas filled the house during the holidays and how rain sounded on the roof.
Your house is your history and your living scrapbook, and grieving the loss of a family home when you leave it is essential to moving on. Consider these steps on how to say goodbye to your home so you can embrace the next chapter.
It’s natural to have many emotions when selling the family home. Here are six ways to honor it and ensure that you celebrate its legacy.
Your family home may no longer be your primary residence. Still, it is important to visit one last time. Be prepared that it may already be different than you remember. It may have been painted, filled with packed boxes or left standing empty.
Take the time to walk through the house. Sit in your favorite spot to reminisce and grieve.
Photos and videos last long after your home is sold and may bring comfort in the future. Do a video walkthrough with commentary as you enter each room.
Take photographs of the different rooms and the small details that made your house a home.
Closing the chapter on your family home can be heartbreaking, especially if you associate it with a family member who is no longer alive. Sharing your favorite memories to grieve and honor your home can help you work through those emotions before selling the property.
Mention your fondest and funniest memories and what tugs at your heartstrings now that it’s time to say goodbye.
Taking a souvenir with you lets you keep a little piece of the home you loved. Get a plant from the garden and take it with you, or keep a key that you can place in a frame, a book, a special drawer or even on a chain.
For a simple memento, you might snip a piece of an old carpet or pick up a pebble from the walkway.
Housewarming parties are a great way to celebrate a new space. The same idea can work for saying goodbye to a house full of memories. Have one last picnic, barbecue or meal in your family home to bless it and ceremonially bid it farewell.
Write a poem, social media post or letter honoring your home and acknowledging the end of its role in your life. If you can, paint a picture or create a scrapbook that houses your keepsakes and photos taken there.
For more than 80 years, Cates Auction & Realty Company has helped people say goodbye to their family homes in Kansas City and the surrounding areas. When selling your house, Cates Auction & Realty Company is here to make the process simple, so we work with expert brokers, agents and auctioneers. We understand that saying goodbye to a house may be difficult, so you get to set the terms and auction date for your home to give yourself time to grieve.
Contact us today to learn more about selling your residence through the auction process.
Sign Me Up for Auction updates and the latest news!
